Russian Central Bank buys 100% of the gold mined in Russia

The Russian Central Bank continues to actively increase its gold reserves. In 2017, they increased by 14%, or by 223.95 tons, reaching 1838 thousand tons.

At the same time, the regulator has been increasing inventories for the second consecutive year by 14%. Earlier this year, the value of monetary gold was estimated at $ 76.647 billion, which is 27.3% higher than on January 1, 2017.

The share of gold in international reserves for the year increased from 15.94% to 17.71%.

In general, the Central Bank buys gold from Russian mining companies.

As well as a long-term view to becoming less dependent on the dollar, the authorities are thought to be preparing a certain cushioning in case of harsh financial sanctions. The Central Bank actively began buying up gold just after the introduction of anti-Russian sanctions in 2014, on the initiative of the Russian president.

On average, about 100 tons of gold are bought annually, which is an absolute record in the world. No other bank buys gold more actively. The Central Bank has doubled its purchases, buying up all the gold that is mined in Russia.

Currently, Russia ranks 7th in gold reserves in the world. The United States is in first place.

Inessa Sinchougova is an Editor and Journalist at Fort Russ News, as well as a research fellow and translator of the Belgrade based think-tank, the Center for Syncretic Studies. She was educated at Victoria University of Wellington (New Zealand), in the field of Political Science and was previously employed in Marketing and Communications Strategy for a Multi-National Corporation. She runs a popular YouTube channel for translations of key Russian Foreign Policy figures and appears regularly on other alternative media channels. If you like her work, you can support her Patreon here.